Question...

davet82

A Paris law firm has been inundated with wealthy businessmen asking if they should leave France after President Francois Hollande vowed to impose a 75 per cent tax rate on income above one million euros.

If you were a millionare and this law was introduced in Ireland would you leave the country to save money?

I dont think I could, I'd rather pay that bit extra and live where I want so the money wouldnt be as important.

I'm curious to how many people would leave as everytime a debate comes up about taxes on the super rich, we're told they'd all leave so there is no point.

Hande hoche!

No, otherwise I wouldn't be able to criticise Bono for Holland etc.

AnonoBoy

I'd have my accountant creatively make my income appear as 999,990 euro.

No 75% tax for me!

Hande hoche!

Would probably also get Jimmy Carr's accountant's number.

davet82

AnonoBoy wrote: »

I'd have my accountant creatively make my income appear as 999,990 euro.

No 75% tax for me!

i'd send you 10 euro and a wage slip just out of spite

Jester252

Muck that. That tax is just stupid

foxyboxer

So If I earn 1.1 million. Then I pay tax on the 100k?

How much would be taxed on the million is the question.

CardBordWindow

Better call Saul!

Dravokivich

That's a bit fecking extreme. Who'd want such a salary if they are going to be paying such a high rate of tax?

If I was able to move my job elsewhere and keep the same salary and cost of living kept me in the same luxury, I'd move on.

foxyboxer wrote: »

So If I earn 1.1 million. Then I pay tax on the 100k?

How much would be taxed on the million is the question.

Hmmm, I thought it'd be on the full amount, wasn't thinking along the lines of that.

Colmustard

No I would pay my damn taxes and crib like fukc, but I am not greedy if I had over a mill I would be a happy man.

That's fcuking shocking.
Yeh I'd probably seriously consider leaving. I'm not ever going to be in that position though so rest assured I'm staying put.

Medusa22

If you have that much money then I don't see why you would mind being taxed so heavily, or perhaps they should reduce the percentage that the super-rich are taxed at. I don't want to hear that they are untouchable because otherwise they'll leave the country and I'm having my disability benefit cut every budget, assholes.

Diapason

I'd be delighted to have to make this choice for real.

SEPT 23 1989

This scare tactic is rolled out by the elites every time this is brought up for discussion

AnonoBoy

Honestly though you will see people who are earning 1.1 million suddenly declare their earnings as 0.9 million - they'll give the rest to charity or something else which is tax deductable.

It'll be totally legal.

The big ones though - I'd imagine they'll start moving their businesses out of the country.

If you earn 20 million and are used to it - would you want to suddenly be coming home with ONLY 5 million? Imagine the humiliation of only buying 1 new ferrari a year? :eek:

Dravokivich

AnonoBoy wrote: »

If you earn 20 million and are used to it - would you want to suddenly be coming home with ONLY 5 million? Imagine the humiliation of only buying 1 new ferrari a year? :eek:

Or even worse, having to sell the Jet

BillyMitchel

Wow 75% is a lot of tax to pay. 3/4 of your dosh gone before you see it. I said I'd stay and pay my way but thinking of it now it would be hard especially if you didn't like the government and the way the country was run, straight away I'd think fcuk them and bail and/or find a loophole.

Do the French have other charges like water and property tax etc

AnonoBoy

Dravokivich wrote: »

Or even worse, having to sell the Jet

Not the jet! I banged my first playboy bunny in that jet!

petes

AnonoBoy wrote: »

If you earn 20 million and are used to it - would you want to suddenly be coming home with ONLY 5 million? Imagine the humiliation of only buying 1 new ferrari a year? :eek:

I'd want at least two!

davet82

BillyMitchel wrote: »

Wow 75% is a lot of tax to pay. 3/4 of your dosh gone before you see it. I said I'd stay and pay my way but thinking of it now it would be hard especially if you didn't like the government and the way the country was run, straight away I'd think fcuk them and bail and/or find a loophole.

Do the French have other charges like water and property tax etc

well the first million would be at 41% then anything after a million would be at 75%

yes the french have water and property taxes as far as i know too

Fizman

If you earned anything from 1m to 2/3m it might not be worth your while moving, seeing as you are only paying 75% on every cent after the initial 1m. However, if you earned 5m +, you would be handing over a ridiculously high percentage of your total income.

AnonoBoy

davet82 wrote: »

well the first million would be at 41% then anything after a million would be at 75%

Ah that's not half as bad.

Of course I would leave, I would be on the first plane out

im invisible

Im sure theres a loophole that if you invest in property you're not taxed...

davet82

AnonoBoy wrote: »

Ah that's not half as bad.

i agree but it seems we're in the minority

fergiesfolly

Don't think anyone should pay more of half their salary to the taxman, regardless of how much they earn.
Its implicitly unfair that anyone else should earn more from my hard work than I do

Tombi!

Dodgy accountant. Worse case scenario I get caught and told "you're a bold boy" and I leave the country.

CreepingDeath

davet82 wrote: »

If you were a millionare and this law was introduced in Ireland would you leave the country to save money?

I'd imagine there's a few millionaires who already spend more than 50% of the year abroad, to be declared as "non-residents" for tax purposes in Ireland.

There's plenty of contractors in the I.T. sector who set up a small company, get their income put through the company and only pay a minimum salary to themselves through that company. The rest of the money in their company is only taxed at the corporate rate, as opposed to income tax levels.

davet82

CreepingDeath wrote: »

The rest of the money in their company is only taxed at the corporate rate, as opposed to income tax levels.

Is that not against the rules? How does that work from getting it from their company account to their personel account?

AnonoBoy

fergiesfolly wrote: »

Don't think anyone should pay more of half their salary to the taxman, regardless of how much they earn.
Its implicitly unfair that anyone else should earn more from my hard work than I do

Yeah but it's only 75% on amounts over 1 million. The first million is taxed at much less.

minidazzler

foxyboxer wrote: »

So If I earn 1.1 million. Then I pay tax on the 100k?

How much would be taxed on the million is the question.

50% roughly in France.

They are earning the money, no government should be taking 75% of anything. That's simply not fair.

davet82

minidazzler wrote: »

50% roughly in France.

They are earning the money, no government should be taking 75% of anything. That's simply not fair.

i agree it is unfair but there is a little part of me that thinks its fair that a little unfairness hits the top earners for a change (not that they wont find away around it)... i guess i'm just bitter

Knex*

What if I have two houses, one in Germany, or somewhere similar, and the other in Ireland. If I claim the Irish one as my holiday home will I avoid this tax?

davet82

Knex. wrote: »

What if I have two houses, one in Germany, or somewhere similar, and the other in Ireland. If I claim the Irish one as my holiday home will I avoid this tax?

in my hypothetical thread, the answer would be no, we'd burn your house down to the ground in Germany and hunt you like a dog :cool:

CruelCoin

Imagine:

You work 60-70 hour weeks.
You make many decisions each day, each one equal to the importance of the entire output of other people.
You have created xxx jobs.
etc.

And then you're told "how ****ing dare you be successfull?!? You can pay extra".

Were I such a person, i'd sack the company, liquidate my assets, take my talents with me and leave.

French brain drain incoming!

Knex*

davet82 wrote: »

in my hypothetical thread, the answer would be no, we'd burn your house down to the ground in Germany and hunt you like a dog :cool:

Dodgy accountant it is then :pac:

davet82

CruelCoin wrote: »

French brain drain incoming!

It would be nice if they drained their way over here